

Econ EOY Review 2 (25 ques.)
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
What is a Tariff?
Back
A tax on imported and exported goods
2.
FLASHCARD QUESTION
Front
GDP is an important economic measurement because it measures the value of all new final goods and services produced by a country.
Back
measures the value of all new final goods and services produced by a country.
3.
FLASHCARD QUESTION
Front
The _______ considers the weighted averages of a group of consumer goods and services.
Back
Consumer price index
4.
FLASHCARD QUESTION
Front
Difference between imports and exports
Back
Balance of Trade
5.
FLASHCARD QUESTION
Front
A developing country’s two major sources of income from international trade are fishing and tourism. If the country’s exchange rate depreciated, what is likely to happen?
Back
The price of fish sold as exports would become cheaper.
6.
FLASHCARD QUESTION
Front
A technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes in order to maximize the total return or effectiveness under given circumstances.
Back
Trade-off
7.
FLASHCARD QUESTION
Front
Countries will export goods and services that they can produce more efficiently. This is called —
Back
comparative advantage
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